Elon Musk’s Father Aims for $200M with Memecoin

• ‘Musk It’ memecoin aims to raise $200 million for Musk Institute.
• Elon Musk removed himself from the project, raising worries.

Errol Musk, Elon Musk‘s dad, has unveiled ‘Musk It,’ a memecoin intended to fund up to $200 million for the Musk Institute, a think tank dedicated to groundbreaking technological innovations like flying cars. However, the project has been embroiled in controversy due to its lack of clarity and because it is associated with Elon Musk, whom it does not have approval from.

The ‘Musk It’ project, MUSKIT, was first introduced in December 2024. This project was marketed with the collaboration of Nathan Browne and a Middle Eastern crypto company. Still, there has been no whitepaper or tokenomics published in public. Project Head, Errol Musk, speaks out to vindicate the project’s legitimacy as well as its long-sustained desire to “Musking It.” According to him, it was his idea and not a borrowed concept that originated from his vision.

‘Musk It’ Passes the Test of Transparency and Viability

The token has had a very volatile market performance. It started at $0.01 and surged to $0.20 following the exposure from the media only to fall back into the area of $0.02. As of 31 January 2025, the ‘Musk It’ market capitalization is $25 million, and the trading volume is roughly $79 million, as reported by CoinMarketCap. Over 44,000 wallets possess the token, yet there remains a problem with centralization as the top ten wallets control over 20% of the total supply.

In a Fortune report, Errol Musk put to rest claims surrounding the improper use of his fabled last name, affirming, “I’m the head of the family. It started with me in our family, I’ve been ‘Musking It’ for years.” His attitude demonstrated an openness to employing his name for monetary gain, even in the absence of apparent involvement on the part of his son.

The Musk Institute plans to collaborate with the UAE nobility to advance innovative engineering projects, though it has not shared any timelines or project details.

Cryptocurrency analysts have also raised questions over the sustainability of the project. Some have claimed that the project will not sustain itself without the endorsement of Elon Musk. Although Errol Musk publicly distanced himself from his son’s project, some speculators believe a listing on major exchanges like Binance or Coinbase could drive the token’s price higher.

Although the project faces significant controversy and unanswered questions, ‘Musk It’ is likely to stay afloat due to its high-profile exchange listings. However, its success also depends on having an open roadmap and receiving direct endorsement from Elon Musk.